Currently, comprehensive data privacy laws (also known as data protection laws) that prohibit the disclosure or misuse of information held on private individuals have been adopted in numerous countries throughout the world. Thus, it may be necessary for financial institutions, such as global banks, to assure that they file for and/or secure approvals from all appropriate regulators in various countries that have data privacy or data protection laws regarding, for example, the movement of data across borders.
In some countries, the data protection or privacy regulators may comprise official data privacy or data protections offices from whom such approvals must be sought. In other countries, there may be financial services or other types of organizations within those countries that may typically require various types of approvals addressing the use of personally identifiable information and its purposes. In addition, some countries may have references in their respective constitutions regarding the use of personally identifiable information. It is self-apparent that privacy and data protection requirements are very significant issues, for example, for entities such as financial institutions that operate in a large number of countries.
There is a present need for systems and methods that enable entities that operate in a large number of countries to ensure that they are in compliance with data privacy or protection laws associated with personally identifiable information in all such countries.